India extends $1 billion line of credit for development of Russia's Far East

New Delhi, Sept. 5 -- Prime Minister Narendra Modi on Thursday said sanctions on countries like Russia impacted other countries as well as the global economy, while announcing a $1 billion line of credit for the less developed but resource rich Russian Far East.

In his speech at the Eastern Economic Forum in Vladivostok, Modi backed Russian President Vladimir Putin's blueprint for developing the Far Eastern Region that includes construction of housing facilities, improved connectivity and eco-friendly tourism.

Modi said Indian companies had signed some 50 agreements worth "billions of dollars" in investment during a visit to the region last month in areas ranging from energy, health, education, skill development, mining and timber.